Joe Kennedy, 7:00 pm
While many Swazis have moved to urban centers and modernized over the last few decades, a sizable portion of the population still holds onto traditional customs. The ancient Swazi culture may be somewhat mysterious to foreigners, but its traditional practices and beliefs have been followed in Swaziland, South Africa and parts of Mozambique for generations. Here are 10 things you probably didn’t know about Swazi culture, from their colorful dances and music, to their social structure and traditional dwellings.
Dana Sanchez, 6:02 pm
Intra-African trade is a key driver for economic growth, and represents just a fraction of Africa’s total trade in the past decade — mainly because of the growing shortfall in infrastructure development, said Mara Group Founder, Ashish Thakkar. The venture unites three businesses committed to Africa with infrastructure expertise, said Jay Ireland, CEO of GE Africa.
Julia Austin, 3:05 pm AFKI Original
The late former president of Libya flew an A340 that had a bedroom, showers, DVD players, and kitchen so he had a place to live for several months should chaos hit his country. He bought it from Prince al-Waleed Aziz Al-Saud–one of the richest people in the world. They have state-of-the-art technology, safety and luxury, often becoming lightning rods for public opinion: 8 expensive planes flown by African presidents.
Dana Sanchez, 1:06 pm
Ratings agency Moody’s on Friday lowered its outlook for the South African banking system from stable to negative, citing deteriorating operating conditions over the next 18 months. This sent banking shares lower, Reuters reported. “We have expected the lower outlook for a while,” said Graeme Korner, director at fund manager Korner Perspective, which invests in banks. “We think the earnings of the banks will be OK in spite of these concerns because the fact is South African banks are very good value and pay good dividends.”
Dana Sanchez, 11:55 am
South Africa’s auto manufacturing industry has the potential to increase production by up 50 percent within 4 years if South Africa has a stable government, supportive policies and no labor disruptions, according to a local stakeholder. Black participation in the auto value chain is mainly at employee level, rather than in business ownership and control, Zuma said. That can and should change.
Kevin Mwanza, 9:31 am
US-based United Airline will make its last flight from Houston to Lagos Nigeria at the end of June, effectively ending the carrier’s only route to Africa. The airline has blamed difficulties in collecting money from ticket fares due to foreign exchange restriction by the West African nation’s central bank, and weakness in the energy sector, as the main reason it has decided to pull the route.
Global Risk Insights, 7:06 am
Last week the US and Senegal signed a defence cooperation deal. The deal is an upgrade of an existing agreement dating from 2001, and only entails increased access for US military deployment in case of humanitarian crises, such as the Ebola crisis, and to contribute to the battle against terrorist groups in the region. However, it can also be interpreted as a new direction and strategy of the US Africa Command, AFRICOM.
Kevin Mwanza, 6:33 am
Atlas Mara, an investment vehicle partly owned by former Barclays Chief executive Bob Diamond, recorded a $2 million loss in the first three months of this year dragged lower by poor performance in its Southern Africa business. The company, which made a $11.3 million profit in 2015, said it still expected to sparse last year’s performance. While its West Africa and East Africa businesses pulled in profits in the first quarter of this year, the Southern Africa business lost $6.3 million.
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